Fourth quarter net profit of Godrej Properties slipped to Rs 39.8 crore from Rs 59.99 crore in the year-ago period. However, consolidated total income during the period, improved to Rs 373.18 crore from 333.53 crore sequentially.
Talking about the company’s performance, Adi Godrej, chairman of the group said that there has been significant reduction in the debt-equity ratio. The company is looking to improve cash flows from operations. He also said that prices of Vikhroli project has increased by 17%.
"The Company delivered impressive financial and operational progress in FY 2012 with an 47% growth in total income and a 46% growth in booking value , in the face of economic uncertainty and a sluggish real estate environment. We have entered into 10 new deals, the highest number of strategic partnerships in a year in the history of the Company. These new business development transactions have significantly expanded our development portfolio and will enable us to deliver higher profitability over the years", Godrej said.
In the entire fiscal, Godrej's net profit stood at Rs 97.93 crore as compared to Rs 30.86 crore.
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